Patriot Bank Money Market Account Review 2022

Patriot Bank offers money market accounts to savers online. Learn how the Patriot Bank MMA works to help decide if it's right for you.
mm
By Rebecca Lake

Our articles, research studies, tools, and reviews maintain strict editorial integrity; however, we may be compensated when you click on or are approved for offers from our partners.
A woman checks her money market account online while her son sits on her lap

Money market accounts or MMAs can be used to save for short- or long-term goals. These accounts can combine features of savings accounts with checking accounts to help you grow your money. Depending on where you decide to open a money market account, you may enjoy a competitive interest rate as well as benefits like check-writing or debit card access.

Connecticut-based Patriot Bank offers money market accounts with guaranteed earnings for savers. Branches and ATMs are located in Fairfield and New Haven counties, as well as Scarsdale, New York. But it’s possible to open a Patriot Bank MMA online. The question is, is it worth it? And is this the best place to have a money market account? This Patriot Bank review can help you to decide.

What Is Patriot Bank?

Patriot Bank is a full-service financial institution that’s headquartered in Stamford, Connecticut. The bank was founded in 1999 and offers personal, business, and commercial banking products and services. In November 2021, Patriot’s parent bank announced plans for a merger that would make it one of the largest digital banking operations in the U.S.

Who Is a Patriot Bank Money Market Account For?

Deciding where to keep your savings is important as you want to ensure that you’re getting the best combination of low fees, high interest on deposits, and convenient access to your money. With that in mind, opening a money market account with Patriot Bank could be right for you if you:

  • Want to earn an attractive APY on money market savings
  • Have at least $100 to open a money market account (or $1 if you’re opening your account through SaveBetter.com)
  • Are comfortable with an online MMA savings option and don’t necessarily need branch banking access
  • Prefer guaranteed earnings on savings with an FDIC-insured bank

So, who shouldn’t open an account with Patriot Bank? This bank might not be right for you if you want to be able to visit a branch but you don’t live in Connecticut or the Scarsdale area. You may also consider a different money market account option if you’re interested in check-writing or a debit card, as Patriot Bank’s account doesn’t include these features.

Compare Patriot’s Money Market Account to Others

Patriot Bank is just one option for opening a money market account. But there are numerous other banks and non-bank fintech companies offering MMAs for savers. Here are some of the top alternatives to consider.

First Internet Bank

First Internet Bank’s money market account earns a competitive annual percentage yield (APY) that’s eight times higher than the national average. This account has a $100 minimum deposit requirement to open and charges a $5 monthly maintenance fee unless you maintain an average daily balance of $4,000 or more.

CIT Bank

CIT Bank’s money market account features an APY that’s also competitive, at five times the national average. The minimum opening deposit for this account is also $100 but there are no monthly service fees and remote check deposit is available in the CIT Bank mobile banking app.

Sallie Mae Bank

Sallie Mae Bank has no minimum balance requirements and no monthly fees for its money market account. The APY is on par with the rate offered by First Internet Bank and you don’t need a Sallie Mae student loan to apply for an account.

Curious to see how other money market accounts stack up against Patriot Bank’s MMAs? Check out the listing below.

What Other Accounts Does Patriot Bank Offer?

In addition to money market accounts, Patriot Bank offers a number of other banking options. On the personal banking side, you can open checking accounts, savings accounts, and certificates of deposit accounts. There are also checking and savings accounts for business and commercial banking customers. Patriot Bank also offers personal loans, auto loans, home loans, credit cards, small business loans, and commercial loans. Here’s a closer look at the personal banking products that are currently available.

Personal Checking Accounts

Patriot Bank offers four checking options:

  • Star Banking
  • eChecking
  • Patriot Checking
  • College Bound Checking

Star Banking is designed for customers who maintain a higher balance in checking. This account has a $100 minimum opening deposit but requires an aggregate average minimum daily balance of $15,000 between Star Banking and a linked non-checking deposit account. Benefits include special rates on Star Savings, bonus rates on CDs, free basic checks, and free cashier’s checks.

eChecking has a $100 minimum deposit requirement but no ongoing minimum balance requirements. There’s a $5 monthly service fee, which can be avoided by posting five or fewer checks each month. This account is designed for people who want basic checking and don’t write a lot of checks.

Patriot Checking requires $100 to open and a minimum average daily balance of $1,000 to avoid the $12 monthly service fee. This account offers up to four non-Patriot Bank ATM refunds per month and includes unlimited free access to online and mobile banking.

College Bound Checking is geared toward students who are headed off to college. So you might open one of these accounts if you have a high school student who’s soon to graduate. There are no minimum balance requirements and monthly ATM fee rebates are included.

Personal Savings Accounts

Patriot Bank offers these options for savers:

  • Star Savings
  • Savings Account
  • Youth Savings Account
  • Health Savings Account

Star Savings requires $100 to open and earns a variable interest rate. Rates are tiered, based on the balance, so the more you save the higher the rate you could earn. There’s no minimum balance requirement and you can save for any goal. This account may be attractive if you typically maintain a higher balance in savings.

The Savings Account is a basic savings option. You’ll need $100 to open this account all balances earn the same rate. You can avoid the $50 monthly service fee by maintaining an average daily balance of $250.

Youth Savings is designed for kids and teens under age 18. There are no monthly fees, no minimum deposit requirements, and no minimum balance requirements for this account. The Youth Savings account earns a competitive rate.

Health Savings Account or HSAs are special savings accounts for health care expenses. You can open one of these accounts if you have a high deductible health plan and invest the money you save. They offer some tax benefits and allow you to save for future medical expenses on a tax-deferred basis.

Certificates of Deposit

Patriot Bank offers four types of CDs:

Patriot Bank CDs require $500 to open and offer terms ranging from three years to five months. Longer-term CDs generally offer higher rates and you may pay an early withdrawal penalty if you take money from your CD before it matures.

IRA and Roth IRA CDs offer the same range of terms as regular CDs and require the same $500 minimum to open. The difference is that IRA CDs are tax-advantaged. So a traditional IRA CD can offer tax-deductible contributions while a Roth IRA CD allows for tax-free distributions when you retire.

CDARS are designed for savers who keep larger amounts of money in CDs. Patriot Bank offers this option for savers who want to keep more money in CDs without exceeding FDIC coverage limits. The current FDIC protection limit is $250,000 per depositor, per account ownership type, per financial institution.

Borrowing With Patriot Bank

As mentioned, Patriot Bank also offers a number of different loan options. Some of the ways you can borrow include:

  • Home loans
  • Auto loans
  • Credit cards
  • Personal loans
  • Small business loans

Qualification requirements, borrowing limits, interest rates, and repayment terms vary for each type of loan. Patriot Bank also offers personal lines of credit and overdraft lines of credit. The overdraft line can be attached to a Patriot Bank checking account to help you avoid overdraft fees.

Top Features of Patriot Bank’s Money Market Account

Wondering what makes the Patriot Bank MMA a standout? Here are some of the most notable features and benefits:

  • $100 minimum opening deposit (or $1 if you’re opening an MMA through SaveBetter)
  • Tiered rates, meaning the more you save the more interest you can earn
  • Easy online account opening process
  • Withdrawals can be made at ATMs, Patriot branches, and through online and mobile banking
  • You’re not locked in so you can withdraw money as needed
  • Link your account to a Patriot Bank checking account or a checking account at another bank for easy transfers

There is one thing to know about this account: It comes with a $12 monthly service fee. You can, however, avoid this fee by meeting the minimum balance requirement of $2,000.

How to Get Started

There are two ways to open a Patriot Bank money market account. You can visit a branch if you live near one or get started online. If you want to open an account online, you can do so through the Patriot Bank website. But there’s a catch. In order to get the highest APY and reduce your minimum initial deposit to just $1, you’ll need to open your account through SaveBetter.com instead.

SaveBetter is an online marketplace that partners with banks to offer savings accounts, money market accounts, and other deposit account options. When you open an account through SaveBetter, you’re still getting a Patriot Bank account. And again, you’ll need to choose this option to get the highest APY; otherwise, you’ll earn a much lower rate on your money market balance.

Opening an account at SaveBetter is as simple as creating a username and password. From there, you can select the Patriot Bank money market account and complete the application. You’ll need to share your name, address, date of birth, and Social Security number. You’ll also need to provide a routing number and bank account number, which is used to make your initial $1 deposit.

Rating the Features

Curious about how Patriot Bank’s features compare? Here’s a closer look at what you can expect if you decide to open an MMA here.

User Experience

The Patriot Bank website is easy to navigate and it’s not difficult to find information on rates, minimum balance requirements, and fees. You can also open an account online if you don’t live near a Patriot Bank branch for added convenience. And in terms of money management, you can always check balances and schedule transfers through online and mobile banking.

Fees and Rates

The Patriot Bank money market account does have a monthly maintenance fee, which is on the higher side compared to what some banks charge. You can avoid the fee but to do so you’ll need to maintain a minimum $2,000 average daily balance. In terms of rates, the rates offered online through SaveBetter are competitive when you put them side-by-side with rates from other online banks. But it’s possible to find higher money market rates elsewhere.

Transparency

Patriot Bank is transparent when it comes to banking disclosures, what you’ll pay for fees, and the rates you can earn. It’s worth pointing out, however, that the higher APY offer isn’t advertised directly on the Patriot Bank website. So if you aren’t aware this promotion exists you could end up opening an account at a much lower rate.

Flexibility

Patriot Bank MMAs offer flexibility since these are not time deposits. You don’t have to wait for your account to mature before withdrawing money. Keep in mind, however, that withdrawals are not unlimited and you may pay a fee for excess withdrawals. But you do have the option to spread your money out across different Patriot Bank checking, savings, and CD accounts to keep your cash accessible and minimize penalties.

Customer Support

Savers can access their accounts with Patriot Bank online or through the mobile banking app. You can also link your accounts to third-party financial apps, such as budgeting apps. Customer support is available by phone during normal business hours. You can also reach Patriot Bank through email in person at a branch if you have one nearby. There is no live chat support feature at this time.

Pros and Cons of Patriot Bank

Before opening any bank account, it’s helpful to consider the benefits and potential drawbacks. Here are some of the main pros and cons to know about a Patriot Bank MMA.

Frequently Asked Questions (FAQs)

What is a money market account?

A money market account is a deposit account that allows you to earn interest on your balance. Some money market accounts also offer check-writing and/or debit card access for managing your money.

Is Patriot Bank a legitimate bank?

Yes, Patriot Bank is an FDIC-insured bank headquartered in Stamford, Connecticut. The bank offers a number of personal, business, and commercial banking products and services.

What is the minimum deposit to open a money market account at Patriot Bank?

If you’re opening an MMA at a Patriot Bank branch or through the Patriot Bank website, the minimum deposit is $100. If you’re opening your account with Patriot Bank through SaveBetter, the minimum deposit is $1.

Bottom Line

Patriot Bank could be a good option if you’re interested in opening a money market account online. Remember that you’ll need to go through the SaveBetter portal in order to get the highest APY and the lowest minimum deposit for your new account. If you’re ready to start saving with Patriot Bank, you can take the next step and start your application today.

About Author
mm
Rebecca Lake
Rebecca Lake joins MoneyRates as a contributor writing about banking, credit and debt, home-buying, investing, small business, and other personal finance topics. Rebecca brings her expertise as a personal-finance journalist to MoneyRates.com, having written about money for over five years. Her work has appeared online at U.S. News and World Report and many other publications.